How Vanguard voted upon climate & DEI shareholder proposals this year

Last week, Vanguard released two “voting insights” about how it actually voted on shareholder proposals for the first half of this year: this one on climate-related shareholder proposals and this one about diversity-related shareholder proposals.

Each voting insight includes a set of tables indicating how Vanguard voted upon specific proposals at various companies, including the rationale for why it voted that way. Although each proposal is analyzed based on its own merits and the specific wording of the proposal, it can be instructive to others about Vanguard’s approach in action.

Earlier this year, Vanguard had issued a trio of “investment stewardship insights”: this one about how it intended to evaluate say-on-climate proposals (both management and shareholder proposals); this one about its approach to evaluating DEI-related shareholder proposals – and this one about how it evaluates corporate political activity shareholder proposals. [And here is the Vanguard webpage where all their insights are posted.]